After a month and a half with no banking failures, regulators closed the small Bank of Jackson County, Graceville, FL. After being shut down by the Florida Office of Financial Regulation, the FDIC was named as receiver.
After selling the failed bank to First Federal Bank of Florida, Lake City, FL, all deposit accounts of Bank of Jackson County were transferred to the acquiring bank with full continued FDIC deposit insurance. Depositor monies will be immediately available to Jackson County customers and both branches of Bank of Jackson County will reopen as branches of First Federal.
Although a very small bank by any standard, Bank of Jackson County was able to survive for 79 years after being founded during the depths of the Great Depression in 1934.
Bank of Jackson County had total assets of $25.5 million at June 30, 2013 and total deposits of $25.0 million.
First Federal Bank agreed to assume all deposits of Bank of Jackson County as well as purchase $23.1 million of the failed bank’s assets. The remaining assets of $2.4 million will be retained by the FDIC for later disposition.
Bank of Jackson County marks the fourth bank acquisition by First Federal which had acquired a failed bank in both 2009 and 2010 as well as the Chipola Community Bank in April 2013.
The cost to the FDIC Deposit Insurance Fund for the failure of Bank of Jackson County is $5.1 million. Bank of Jackson County becomes the 23rd bank failure of 2013 and the fourth in Florida.